Credit Cards For Less Than Perfect Credit

Ignoring threats by the banking industry that further legislation will hurt consumer credit, Senate Democrats moved to limit credit card interest rates and proposed additional restrictions on card issuers. Passing in committee by 12-11 votes, the Credit Card Accountability, Responsibility and Disclosure Act of 2009 is even more comprehensive than the rules adopted by the Federal Reserve in December. In addition to prohibiting interest charges on late payments or for exceeding credit limits, the Act would also require card issuers to disclose how long it will take to pay off a balance if only the minimum monthly payment is made and that statements be mailed at least 21 days before the payment due date.

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